👀 The Week At A Glance
This week we talked about brands' favourite sporting event, India's biggest bank fraud and how a yogi decided what was to be done with your stock investments.
Hey, readers 👋
This week was super exciting as not one but two massive frauds were unearthed and the world got close to striking a very important deal. So, we’re here to bring you up to speed on all the developments in just 2 minutes 50 seconds!
🏛 India’s Biggest Bank Fraud Ever!
Vijay Mallya, Nirav Modi, Mehul Choksi: India has seen a number of fraudsters who have scammed banks of thousands of crores. And now we have a few more people to add to this list. The promoters and directors of ABG Shipyard who managed to commit India’s biggest-ever bank fraud worth a whopping Rs. 22,842 crores! Wondering how these fraudsters managed to scam not one or two but 28 Indian banks? ReadOn!
🎟 The Journey Of A Crazy Dream!
Back in 2012, a company called MoviePass saw a crazy dream: allowing people to watch almost unlimited movies in theatres for super cheap. Their idea was great, but the execution certainly wasn’t. Here’s what went wrong with the company and how it is planning to make a comeback.
🏈 The Brands’ Favourite Sporting Event!
Brands love the Super Bowl and they are ready to shell out around $200,000/second to get an ad spot during the event. And this includes established brands like Coca-Cola and Doritos (who by the way never miss the event) and up and coming brands like Coinbase. What’s so special about the event? ReadOn to find out!
👳♂️ When A 'Yogi' Met NSE
Bank frauds have become so common nowadays. So, fraudsters are getting creative. A few such fraudsters decided to create the persona of a yogi to dictate what was going on at the National Stock Exchange. Here’s what the yogi did and how the scam came to light.
💸 VCs are Finally Betting on Polygon
Started in 2017 by an Indian-led team, Polygon has been tirelessly solving the Ethereum blockchain’s problems. But VCs didn’t think the company was investible so far. But now some of the venture capital world’s biggest names: SoftBank, Elevation Capital, Tiger Global have invested $450 million into the company. Here’s why they have changed their minds.
🤝What’s Going on Between the US and Iran?
Oil prices have been sky high thanks to a lot of international tension. But just the talks of a new deal between the US and Iran have cooled off oil. Here’s what’s so special about this deal and how it can benefit India.
🗞 Here's What Else Made the News and Moved Markets:
👉 Lately, Reliance has been betting big on futuristic tech, be it renewable energy, AI or the metaverse. The company is trying to anticipate what’s going to be big in the future and enter that space in the present. After all, it needs to stay relevant. So why should its telecom arm stay behind? Jio Platforms has now entered into a joint venture (51% stake) with Luxembourg-based SES to provide affordable satellite-based broadband to even the remotest parts of India. But it is not the only company looking to the skies. Airtel, OneWeb, Starlink are all trying to do the same thing. So, who will ultimately win this war?
👉 Warren Buffett’s Berkshire Hathaway has lately been exploring new investment options. It has been dumping traditional investments like pharma stocks, Mastercard, and Visa and adopting new ones like gaming stocks (Activision Blizzard), probably because of their potential to develop the metaverse. That’s not all. The company also invested $1 billion in Brazilian digital bank Nubank which focuses on crypto. This comes despite the fact that both Buffett and the company’s vice chairman Charlie Munger are super against cryptocurrencies. Buffett has even called crypto “rat poison.” Is this their way of accepting that crypto and the metaverse are the future whether they like it or not?
👉 Berkshire Hathaway is not the only one betting big on crypto. The New York Stock Exchange has also filed trademarks to list cryptocurrencies, NFTs and other digital assets on its platforms. Soon, Americans will be buying their stocks and their cryptos from the same platform. Do you think more exchanges across the world will adopt the same approach towards crypto?
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